HELLO EVERYONE...
IF A INDIVIDUAL(MALE) HAS A SALARY INCOME OF RS.84000 AND SHORT TERM CAPITAL GAIN FROM SALE OF LISTED SECURITIES IS RS.75000....WHAT WILL BE HIS I.TAX LIABILITY FOR ASSTT. YEAR 2009-10....
REPLY ONLY IF DAMM SURE...THNKS
24 Replies
Rachit
(Analyst)
(913 Points)
Replied 31 March 2010
Total income 84k+75k=159000
Basic exemption limit 1.50L
Balance (short term capital gain) 9k to be taxed @ 15%=1350 is the tax amount Ed. cess 3% works out to 41/=
Total tax payable 1391/-
Max Payne
(employed)
(2574 Points)
Replied 31 March 2010
Total Income 159000
Assuming resident assessee below 65 years
Basic exemption limit 150000
Balance taxable income 9000
Tax on above @ 15% = 1350.0
Add 3% cess = 40.5
Total Tax = 1390.5
ABHINAV SURELIA
( CA & CS)
(92 Points)
Replied 31 March 2010
Hi Amit the Tax liability should come to Rs. 1350.
Because short term capital assets are included in the total income of the individual, so the basic exemption limit of Rs. 150000 will be applicable to it also.
and the tax liability comes to (75000+84000=159000) - 150000 = 9000
and 9000*15%(stcg on listed securities) = 1350.
Poornima Srinivasan
(Junior trainee)
(330 Points)
Replied 31 March 2010
Ya....I agree with G.K & SREENIVAAS....
Darpan aggarwal
(Article assitiant)
(141 Points)
Replied 31 March 2010
COMPUTATION OF INCOME
INCOME UNDER HEAD SALARY = Rs. 84000
INCOME UNDER HEAD CAPITAL GAIN (STCG U/S 111A) = RS.75000
GROSS TOTAL INCOME =RS.159000
COMPUTATION OF TAX
TAX ON NORMAL INCOME = NIL
TAX ON OTHER INCOME = [75000 - (150000-84000)]
=9000
SO, TAX LIABILITY IS = 9000*15/100
TAX = 1350
ADD: SHEC & EDU.CESS= 1350*3/100 = 41.50
TOTAL TAX = 1391.50
saranraj
(CA FINAL)
(419 Points)
Replied 31 March 2010
| Originally posted by : Akhil Yadav | ||
 |
you should have shame upon you before asking such a stupid question. Sharam Karo |
 |
well said
Bhavin Bhadra
(Job)
(174 Points)
Replied 31 March 2010
dear Amit
His income tax liability will be 10% on Rs. 9000 in excess of basic exemption limit.
in SEC 111A 2 conditions are given.
1. Assessee should be resident
2. His income other than capital gain should be less then basic exemption limit.
If these two conditions are satisfied then tax liability will be 900(9000*10%) + Educess @ 3%.
logically also he need to pay 10% only upto his income of Rs. 3,00,000/-
Jay Shah
(Corporate Finance - Debt Markets)
(57 Points)
Replied 01 April 2010
I dont agree........
No one has rounded off tax liability over here u/s 244B.
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